russau wrote:NO doubt about it !! I would imagine there will be a lot of people not going back to rebuild because of the lack of the high priced insurance ! I feel for the people in this situation ! prayer's go out to them !
A lot of people don't carry it. Whatever your property tax is it's usually double at the cheapest. Our property tax was $3K on an 85 foot lot & stilt house. To actually cover anything it's much more. Worse - if you get whacked good (as they did) the insurers generally don't pay anything (act of God covers it all). My neighbor was a big insurance freak, had insurance on everything when our houses went underwater in '93 - he presented all his stuff to AlState and they simply cancelled his insurance, declared on the news they were out of insuring coastal homes in Florida and that was that. The only real help we had was the Red Cross & FEMA (would help repair an abode based on the # of people claimed - and that took years). The only immediate help was the Red Cross (which is funded by matching monies from the Feds).
Agree a lot of people will just give up on Florida. In essence we did. 440 feet of water front here and the tax is $36 after homestead exemption. $300 before. Everything else is proportionately cheaper. Insurance for the place, vehicles, everything else we do is less than a grand and they might actually pay here.
Posted: Mon Oct 10, 2022 4:57 am